You are here: Home Planning Ahead Trusts 101 Revocable Living ... If I Have A Living ...
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Revocable Living Trusts

If I Have A Living Trust, Do I Still Need A Will?

« Previous

6/6

Absolutely!

A trust only covers the property that is transferred to it. Whatever is left will still be subject to probate whether you have a Will or your property passes under your state's intestacy law's (the laws that provide what happens if you don't have a Will).

New property that you might acquire but which is not yet transferred to the trust, or any property not included in the trust, still needs to be distributed by your Will.

Additionally, if you have minor children, you can use your Will to name a guardian. You can't do this in a trust. To learn more, see How To Choose A Guardian For Your Children.

Note: The type of Will generally used with a living trust is a "pourover will." The trust is the primary estate planning document. The Will "pours over" to the trust any assets that were not previously transferred to it.

Edited by:
Jerry Simon Chasen, Esq.
Chasen & Associates, P.A.
Miami, Florida


Please share how this information is useful to you. 0 Comments

 

Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.